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help im in debt wat do i do?*

im 21 years old and 8 grand in debt i owe my credit card 5000 and the rest on other things i work full time and afford repayments on all these debts but i cant find a loan anywhere no one will give me 1 i just wanna put all my debts into 1 simple plan ill be going part time shortly to care for a sick relative and do not know how im gonna manage

Answers:

1) you have to be careful of one "simple" plans, you can also get a carers allowance in many places if you are caring for a sick relative.

2) dont worry about it get a tent and live in harmony in the mountains i do it is wonderful no stress no responsibility plus running around naked that is true freedom

3) Go and get advice on how to manage these debts. Getting another loan is rarely a good way to pay off debts. Suggest you contact the Citizens Advice Bureau. They will help you put arrangements in place with your creditors. Discuss with them your proposed plan to go part time and will help you identify if there are any benefits you can claim.

4) Time to cut up your credit card and quit spending beyond your means. You need to call each of your creditors and explain the problem - you'll find that most will work with you and most will even quit adding interest if you quit charging things. Once you make an agreement with them on a monthly payment that you are SURE you can meet, set up automatic payments to them from your bank so you don't miss a payment and tear down everything you've worked for.

5) Lenders are much more cautious about giving loans right now due to the crash of the sub-prime mortgage market -- it's rippled out and affected about every other financial and credit system, and the economy as a whole. They are generally much more careful about scrutinizing the borrower to be sure they can repay... and if they have doubts, they're much less likely to offer a loan, unless on such horrible terms that you'd likely be worse off taking it. You might try credit counseling services like http://www.cccsstl.org ... though they may not tell you what you want to hear, they gnerally do give good advice, and do offer a debt management program also.

6) That's a lot of debt for someone your age. Since it demonstrates you do not manage your money well, you aren't likely to get a consolidation loan - you have no assets, no collateral! You have to stop your wanton spending and pay off these bills before you switch to part-time work. If you don't make drastic changes right now, you will be haunted by bad credit for the rest of your life. And stop whining about it.

7) Don't try one of those dumb "consolodate all your debts into one and have easy repayments of only...." loans. You'll still be repaying that loan in 50 years and they will want your home as collateral (etc) What to do. Check with the social security for carer benefit payments you might be elegible for. Pay off the expensive debts asap (yeah stop enjoying lifes luxuries too.. you can't afford it) Get a job (or a second job) that pays better. See if any of the rest of your relatives can help you with expenses whiel you are caring for your sick relative.

8) You are living beyond your means and you plan on further reducing your income. Forget about borrowing your way out of debt - that's not gonna work. You need to: 1. Live within your means. 2. Stop charging. 3. Pay several times to minimum payments each month until you pay off the balances.

9) Between the rock & the hard place. On a positive note $8k is not that much - what do you make per year. Credit's tight, guidelines are high, and money is short. May be one of those 'character building' moments where you need to 'hunker down' & getter' done. - just bear it. After say 6 months you may have your credit card paid down to the point you can shift your other debts over to it. This might not be smart though. If given an opportunity pay the higher interst debts off first. AND DO NOT USE ANY ADDITIONAL CREDIT.

10) Puter Prsn is quite correct, do what he/she suggests.

11) Since you say you're £3000 is on "other" things, I wonder what those other things are. If you do get a loan, know that it's not an economic choice. You're technically borrowing even more due to the fact they'll front load the interest. This means that they put all the interest due over the entire loan right at the front of it. This means for an £8,000 loan at 15% over 4 years, you actually pay back £9,120 ish. Not very economical. The reality is at 21, and with this much debt, you'll need to work a lot of hours to pay this debt off. I appreciate that you have a sick relative but you may need to find out if any other family members can help care for this relative and work two jobs so you have flexible hours. I once had £20,000 on credit cards, and I worked 3 jobs to pay the things off. Now I get stressed if there is a couple of hundred balance. You've accumulated this debt, you're going to have to get out there and be proactive to fix it.

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